Leasing vs. Buying a Car at Jordan Toyota near South Bend, IN

You're in the process of looking for your next vehicle. You might think the browsing process for the exact vehicle you want might be the most difficult part, but the real challenge comes in deciding whether to buy or lease. You might be trying to weigh your options, and it can get frustrating. At Jordan Toyota, we are here to help you make the decision that works best for you, by breaking down the differences between both buying and leasing. You're more than encouraged to contact our financing team with any questions or concerns you have about buying, leasing, or financing in general. Read ahead to learn exactly what you need to know about how buying compares to leasing.

What to Expect When Leasing a Vehicle at Jordan Toyota

When you lease a vehicle from a dealership such as Jordan Toyota, you are not the actual owner of the vehicle. In a way, leasing a vehicle can be thought of as renting it for a given amount of time, and once the lease ends, the vehicle is returned to the dealership, unless you are given the option to purchase the vehicle once the lease term ends. Technically, when you lease a vehicle, it is "owned" by the financial institution you have leased it from through your dealership. Leasing is a great option for those who don't want to commit to a vehicle for a prolonged period, and probably love the idea of a "new car smell" every two or three years. When you lease a vehicle, there is generally less worry about needed maintenance; in some cases, oil changes and other routine maintenance work may be covered by the lease. Leasing is also a solid choice for those who want less of a hefty upfront financial cost. Usually, leasing does not require a down payment, but a first month's payment may be required. Security deposits and other payments may also be required upon agreeing to lease. Monthly payments are generally lower if you provide more money upfront. With leasing, you pay the difference between the purchase price and the vehicle's expected residual value, and interest is only paid on that amount. A major drawback with leasing is that there are often mileage limits, and if these are exceeded, be prepared to pay extra when the lease ends. Once you have completed payments with a lease, you may have the option to purchase your leased vehicle and own it, or you can start a new lease on another vehicle. Also, when you lease a vehicle, you are somewhat "bound" by the term, and you can be penalized with an early termination fee if you want to sell or trade in the vehicle before the lease term is over. Leasing, as a whole, can often cost more than purchasing, because you make payments during the period when your vehicle is most quickly depreciating.
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What Are the Advantages of Buying a Vehicle at Jordan Toyota?

If you are not the type who goes for "shopping around," and you want to be the owner of a vehicle for a time that goes beyond a given term, then you will want to purchase your vehicle, rather than lease it. Payments are typically done with an auto loan, which typically goes for a longer period than a lease. Typically, loan terms last about 3-5 years, and once you have paid off the loan, you are the official owner of the vehicle. Unlike a lease, you don't have to worry about mileage restrictions, and you have no restrictions - such as an early termination fee - if you want to sell or trade-in your vehicle. One thing that can make buying a vehicle less attractive than leasing is that monthly payments are typically higher than with leasing, and a down payment is often required. Loan payments involve paying off the entire purchase price, in addition to taxes, interest charges, and other miscellaneous fees.

Financing the Jordan Way Near Granger, IN

Whether you decide to lease or purchase a vehicle, at Jordan Toyota, we always give you the lowest price right up front -- that's the Jordan Way. We promise and deliver a strict, no-haggle pricing policy, and we guarantee the most transparent pricing near Granger, IN. We offer a 48-hour Money Back Guarantee and a five-day exchange policy because we are not fully happy unless you are. Our negotiation-free environment makes the buying experience less stressful, and that includes the financing process. If you have any questions about leasing, buying, or our inventory, don't hesitate to reach out to us!
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